Claranova consists of three businesses focused on mobile and internet technologies: PlanetArt (digital photo printing; personalised gifts), Avanquest (consumer software) and myDevices (IoT).
PlanetArt is evolving from a digital photo printing business into a personalised e-commerce business and is focused on expanding its product offering geographically. Avanquest, the consumer software business, is focused on developing and marketing software in three key product areas: PDF, photo editing and security/privacy. The IoT business’s myDevices platform provides a simple and effective way for SMEs and corporates to deploy IoT applications.
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Eric Gareau
CEO
Marc Goldberg
Chairman
Forecast net debt (€m)
105.7
Forecast gearing ratio (%)
1602
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (17.7) | (27.6) | 7.7 |
Relative | (12.1) | (22.2) | 2.4 |
52 week high/low | €2.9/€1.3 |
On relatively flat H124 revenue, Claranova grew adjusted EBITDA more than 50% y-o-y as the focus on profitability over growth started to deliver. With Avanquest’s loss-making non-core business reducing, myDevices hitting break-even and customer acquisition costs back under control in PlanetArt, the company is better positioned to drive profitable growth. Management is targeting an adjusted EBITDA margin of c 10% in FY24. The company has refinanced its debt, providing funds to repay the OCEANE convertible debt that was due for repayment from August, with the maturity of the new debt extended to April 2028. A new CEO and chairman have been appointed and a strategic review is underway.
Y/E Jun | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 473.7 | 28.3 | 7.2 | 10.70 | 16.6 | N/A |
2023A | 507.0 | 36.3 | 2.2 | 4.59 | 38.6 | N/A |
2024E | 502.3 | 48.7 | 17.3 | 21.05 | 8.4 | N/A |
2025E | 535.6 | 54.9 | 29.8 | 38.46 | 4.6 | N/A |